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Direct Investment  + M&As  |  February 10, 2023
Brookfield Reinsurance to Take Insurer Argo Group Private in $1.1B Deal
Joe Palmisano
By: Joe Palmisano

Brookfield Reinsurance to Take Insurer Argo Group Private in $1.1B Deal

Brookfield Reinsurance, a unit of Brookfield Asset Management, has signed a deal to take the underwriter of specialty insurance products in the property & casualty market Argo Group International Holdings private for $1.1 billion in cash.

Argo shareholders will receive $30 per share, representing a 6.7% premium to Argo’s closing price on February 7. The merger is expected to close in the second half of 2023.

In connection with the execution of the merger agreement, Argo’s largest shareholder, Voce Capital Management LLC, agreed to vote in favor of the merger.

Argo offers casualty insurance for the manufacturing and services sectors in the US. The company also has an international presence in regions including Bermuda, London, the Middle East and North Africa, according to its website.

Brookfield Reinsurance took another insurer, American National Group Inc, private in a 5.1 billion deal last May. Meanwhile, Blackstone Inc invested $500 million in life insurer Resolution Life under a partnership in October.

Debevoise & Plimpton LLP is serving as legal advisor to Brookfield Reinsurance on this transaction. Goldman Sachs & Co. LLC is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Argo on this transaction.

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Brookfield ReinsuranceArgo Group International Holdings

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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